The 203(k) Rehab Loan helps borrowers rehabilitate their property with a single loan that
finances both the purchase price and the costs of home improvements.
This is the perfect program for those homebuyers who want to take a fixer-upper and transform it into their dream home!
Highlights of the 203(k) program are:
- 30-year fixed FHA renovation program
- Contractor chosen by buyer
- Seller receives agreed upon sale price
- Buyer’s loan includes rehab escrow account
- Work begins at closing
- “After improved” value used to approve loan
- Cost of work is included in the loan
- Program uses an easy FHA “subject to” appraisal
- Full 203k - Extensive repairs - $35,000+
- Streamline 203k - Smaller repairs - $5,000 to $34,999
To take advantage of our 203(k) program and all The Money Source has to offer, visit our Become a Partner page!